The Lesson of the Tax Deal and the Deficit: Teach Your Kids Chinese

December 13, 2010 05:12


Our recent political history suggests that we will keep on punting our spending/deficit problems down the road. If that is the case, we may want to have our children and grandchildren learn Chinese. For the Chinese will be our economic masters.

By Richard Baehr at American Thinker

EXCERPTS:

On the other hand, Charles Krauthammer thinks the GOP was rolled and that the deal will help Barack Obama in his reelection bid for the one job the president truly has always been concerned about preserving.

Obama is a true class warrior, and he had to be angered to see his signature tax stance — higher rates for the rich — go down the tubes, along with pretty much the rest of his domestic agenda, given the November election results.

The compromise tax bill that was agreed to by GOP leaders and the White House has just added one trillion in new federal debt over the next two years. It is amazing, the difference a week makes in Washington.

The net effect of this compromise is a substantial increase in annual deficits and a much more rapidly accumulating federal debt.

FULL ARTICLE



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